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Frequently Asked Questions Page

 1.      How much can I borrow?

The amount that you can borrow will depend on a number of factors, which includes your household income, expenditure e.g. credit cards, loans, HP agreements, and Nursery fees, as well as the number of dependants you have & what mortgage term is available to you.  For an idea of how much you may be able to borrow contact our dedicated mortgage advisor who will calculate exactly how much you can borrow and what that would cost.

2.      Why do I need mortgage advice?

An across the market Mortgage advisor can help you cut through all the hassle and get the best mortgage deal to suit your current circumstances. Whether you're buying your first home or your existing mortgage rate is up for review, it's a matter of matching your needs with the most suitable mortgage product to achieve them. The mortgage market is changing daily with new mortgage rates, different products, & more importantly continual changes to the lending criteria.  This is what determines whether the lender in question will actually lend you the amount that you require. Dedicated mortgage advice will give you peace of mind.

3.      Why should I choose Mortgages with Joy?

Mortgages with Joy are completely impartial and find the right product for you based on your preferences and needs.

  • We can search across the market to give you the best chance of getting the right deal, and with our membership to TenetLime, we can also offer you exclusive deals.
  • We are friendly, knowledgeable and efficient with 35 years’ experience.
  • We will handle all the complex paperwork for you, working with the lender, solicitor and surveyor throughout the purchase or re-mortgage process, to give you a stress-free experience.
  • You will save lots of time and feel confident in the result.
  • You will avoid any costly mistakes.

4.      Will I be charged any fees?

An initial consultation is FREE and can be at a time that is convenient to suit you.

A fee is payable when you apply for a mortgage.  The exact amount will depend on your individual circumstances, however typically it will be £299.  We will also be paid commission from the lender.

5.      Is there a minimum property value?

Yes. This varies from lender to lender and will also depend if your property is in England, Scotland
or Wales.

6.      Should I be considering insurance cover or mortgage protection?

A mortgage is a big financial commitment. For peace of mind it is always advisable to cover yourself against any unforeseen circumstances. You don’t want your loved ones to have to worry about how they are going to make the repayments if you’re not around.  Even if you are not earning a salary, your contribution to the household is still invaluable. To protect your home, it is advisable to protect yourself. There are a range of products available and Mortgages with Joy can help you find the best solution to suit your finances and requirements.

7.      What happens at the end of my mortgage deal?

At Mortgages with Joy, our aim is to build a relationship with clients that will last a lifetime and to build strong working relationships based on trust, honesty and reliability.  When you arrange a mortgage through us it is not just about that mortgage, it is about providing support to you throughout the life of your mortgage. We commit to trying to find you the best deal every time it comes to change your mortgage. We will also contact you before your mortgage product is due to end to discuss the latest rates and deals available at that time.

8.      What happens if I want to move home in the middle of my mortgage deal?

Your mortgage may be portable & you may be able to transfer the mortgage to another property, subject to complying with your lenders terms & conditions. It is always a good idea to check with us first if you would fit that criteria or directly with your lender.

9.      How flexible are mortgages in terms of paying off a lump sum early or regular
         overpayments?

Flexibility depends on the terms & conditions of your lender at the time. However, most (but not all) lenders allow you to make over payments to your mortgage & these are restricted to 10% of the balance outstanding per year. It is important to understand what 10% looks like for you in the event you take advantage of the maximum allowed each year - to avoid any early repayment charges.  As on a capital & interest mortgage your mortgage reduces on a monthly basis. Always check with your lender or us first.

10.  What if I am having trouble paying my mortgage?

We want you to enjoy your home; so if you are having problems paying your mortgage, or think you will have, it is important to talk to your lender or us, as soon as possible.

11.   Do you offer mortgages for overseas properties?

As a rule of thumb it is always better to have a mortgage in the currency of the country that you are considering buying in, to avoid exchange rate fluctuations. For this reason we do not offer foreign currency mortgages.

12.   Do you offer shared ownership or shared Equity mortgages?

Yes. We offer advice on ‘Help to Buy’ schemes, ‘Equity Loan’ Schemes, and ‘Mortgage Guarantee’ Schemes.

13.   Do you offer ‘Equity Release’ Schemes?

For people who are nearing retirement & want to release some of the equity in their homes for things like Home Improvements, a new car or just release equity to top up your pension, an Equity Release mortgage may be right for you. Please note that Equity Release can affect eligibility for state benefits and grants as well as limit your options for moving house in later years.

 


A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.   

A fee is payable when you apply for a mortgage.  The exact amount will depend on your individual circumstances, however typically it will be £299.  We will also be paid commission from the lender.

Equity release products are either lifetime mortgages or home reversion plans.  We offer a comprehensive range of equity release products from across the market but not deal's that you can only obtain by going direct to a lender.

How much will you have to pay for our equity release services?

A fee of £599 is payable when you apply for an Equity Release Mortgage.  The exact amount will depend upon your individual circumstances, however typically it will be £599.

We will also be paid a commission from the company that lends you money or buys your home.

You will receive a personalised illustration when considering a particular equity release product.  This will highlight the key facts about the lifetime mortgage or home reversion plan including any fees relating to it.

The FCA does not regulate commercial mortgages or some forms of buy to let mortgages.

 

Quick contact

The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

Mortgages With Joy Limited is an appointed representative of TenetLime Services Limited, which is authorised and regulated by the Financial Conduct Authority. TenetLime Services Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 311266.

Mortgages With Joy Limited is registered in England and Wales under company number 07664448.

Registered office address: 47 Boutport Street, Barnstaple, Devon, EX31 1SQ.